During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $16,000 cash.2. Purchased $4000 of equipment, paying $800 cash and signing a promissory note for $3200.3. Received $7200 in cash for consulting services performed in January.4. Purchased $1200 of supplies on account; all of the supplies were used in January.5. Provided consulting services on account in the amount of $12,800.6. Paid $600 on account.7. Paid $2400 to employees for work performed during January.8. Received a bill for utilities for January of $2700; the bill remains unpaid.What is the total expenses that will be reported on the income statement for the month ended January 31?
A. $3000.
B. $6500.
C. $3600.
D. $6300.
Answer: D
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